416.234.2424

[mon-fri] 9-8 [sat] 9-4 [sun] 10-2

oldmill@sutton.com

drop us a line anytime!

where you’ll find us!

74 Jutland Road Unit #40

Toronto, ON M8Z 0G7

‘the numbers’ [may 2023]
by sutton old mill

➕may 2023➕

 

➕Let’s delve into ‘the numbers’ for May.   Recovery, limited supply and increasing competition remain the headlines for Toronto Real Estate. The demand for homes in Toronto continues to surpass the available supply, leading to intense competition among buyers. On average, homes are selling for just under $1.2 million.

According to the Toronto Regional Real Estate Board (TRREB) President Paul Baron, our city’s housing supply is falling behind the population growth, and this issue isn’t exclusive to Toronto—it’s a challenge throughout the Greater Golden Horseshoe region.  If we don’t tackle this problem head-on, we risk hindering the economic development of our region, as people and businesses may start seeking opportunities elsewhere.

Why is this happening? Jason Mercer, Chief Market Analyst at TRREB, explains that rising borrowing costs have prompted homebuyers to reassess their housing needs and re-enter the market. Additionally, the combination of significant rent growth and a record influx of immigrants has contributed to the surge in home sales.

The Toronto housing market is currently experiencing an exciting yet challenging phase. In this dynamic landscape, it is vital to have a trustworthy and knowledgeable realtor by your side. Whether you’re considering selling or buying a property or if you have any real estate inquiries, feel free to reach out to us. We are here to assist you!

Looking to buy or sell a home in Toronto?  Average prices in May were as follows:

➕Detached $1,913,132 [0% vs. 2022]

➕Semi-detached $1,398,821 [-2% vs. 2022]

➕Townhouse $1,068,487 [+2% vs. 2022]

➕Condo $784,914 [-1% vs. 2022]

 

Data presented is for City of Toronto Only.   Source: TRREB.

more of what you love

‘the numbers’ [june 2024]

➕June 2024➕ ➕ ‘The Numbers’ for June are in. Despite a rate cut by the Bank of Canada early last month, many potential buyers remained cautious, holding off on their home purchase decisions. This resulted in a decline in home sales and a well-supplied market compared...

read more

‘the numbers’ [may 2024]

➕May 2024➕ The numbers for May are in, echoing the trend from last month. Once again, Toronto witnessed a persistent slump in home sales, as many prospective buyers held off in anticipation of declining mortgage rates. Compared to the same period last year, sales in...

read more

‘the numbers’ [april 2024]

➕April 2024➕   More Listings, More Options, Yet Buyer Caution Persists Primarily influenced by the temporary spring surge of the previous year, April 2024 witnessed a decline in home sales compared to April 2023. Despite a significant increase in listings...

read more

‘the numbers’ [march 2024]

➕March 2024➕   The Spring Market Poised for Acceleration! In March 2024, Toronto Real Estate saw a dip in home sales compared to last year, partly because Good Friday fell in March [vs. April] this year. Despite this, the market had more homes available, yet...

read more

‘the numbers’ [february 2024]

➕february 2024➕ It’s been a positive start to the new year! Despite ongoing challenges, the market has shown resilience, with both home sales and new listings experiencing growth compared to the previous year. Home sales in Toronto reached 1,907 in February 2024,...

read more

‘the numbers’ [january 2024]

➕january 2024➕ The numbers for the first month of 2024 are in! The initial market indicators suggest an early thaw for the Toronto Real Estate Market in 2024. It’s been a positive start to the new year. Home sales across all property types were up by +33% compared to...

read more